Miami Mayor Francis Suárez has said that the value of his salary taken in Bitcoin has risen by around 300 percent since he first opted to receive it in cryptocurrency. Speaking during a recent interview with Fox Business, Suárez said he remains unfazed by short-term volatility and still believes in Bitcoin’s long-term potential. The statement reinforces his reputation as one of the most prominent pro-crypto politicians in the US and highlights Miami’s continued effort to position itself as a digital finance hub.
Miami’s Pro-Crypto Mayor Reaffirms Faith in Bitcoin Despite Volatility
In late 2021, when Bitcoin was trading at around $30,000 (roughly Rs. 26.6 lakh) per coin, Suárez started using all of his mayoral salary in cryptocurrency. “I got paid $30,000 (roughly Rs. 2.6 lakh), so it’s up 300 percent. It was actually up to 400 percent when it was up to $120,000, so I’m not concerned about everyday market swings from one day to the other,” he told Fox Business.
Under his leadership, Miami has launched several initiatives to integrate blockchain into municipal operations. In September 2021, the city launched MiamiCoin, its native token, in an attempt to increase revenue and provide incentives to citizens.
Despite facing challenges with MiamiCoin’s fluctuating performance, Suárez has maintained that such projects mark early but important steps towards the adoption of blockchain-based governance models. He has continued to urge investors and tech companies to consider Miami as a future centre for Web3 innovation by organising various fintech and cryptocurrency conferences in collaboration with prominent figures in the field.
While Suárez’s Bitcoin-based salary appears to have benefited from the cryptocurrency’s recent recovery, it also highlights the risks associated with market volatility. The mayor of Miami has established himself as a steadfast advocate for the use of cryptocurrencies in public administration by becoming one of the few elected officials to accept a full salary in Bitcoin.
He believes this is in line with a larger interest among civic leaders in figuring out how to integrate blockchain technology and digital assets into government processes without jeopardising financial stability.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
